And so the inevitable has happened. United Airlines has filed Chapter 11. The company that a scant three years ago was hailed as arguably the most successful, largest and most profitable airline in history is now incapable of scrounging together enough loose change to make a routine debt payment.
Don't kid yourself with euphemisms like "spring cleaning", "fresh start" and other cuddly terms that serve no purpose other than to deny the obvious. Make no mistake folks. The company is BANKRUPT. Insolvent. Delinquent. That is what you call folks who can't meet their obligations.
There has been much finger pointing as to who is to blame for this fiasco. AFA blames IAM who blames ALPA who blames the ATSB who blames management who blames Osama Bin Laden. Personally, I think that although Osama was the catalyst that accelerated this freefall into the stygian depths of airline purgatory, UAL was committed to the slippery downward slope well in advance of 11 September 2001. UAL's true day of reckoning was 26 August 2000; the day that James Goodwin and Rick Dubinsky shook hands across a table in Elk Grove.....
Full article here.